Rédaction Africa Links 24 with Grace Ashiru
Published on 2024-03-19 21:17:42
mTek, an emerging online insurance platform, has recently secured a significant investment of $1.25 million (KSh 167.8 million) to support its expansion in the Kenyan and East African insurance markets. With the backing of Verod-Kepple Africa Ventures and Founders Factory Africa, the company aims to strengthen its presence in the insurance and technology sectors.
Founded in 2019 by Bente Krogmann and Christopher Osore, mTek was established with the vision of revolutionizing the insurance industry through the use of innovative technology. Based in Kenya, this insurtech startup is focused on digitizing processes to improve efficiency and increase insurance penetration in Africa. By offering paperless transactions, customers have the convenience of purchasing insurance directly from the insurer, comparing policies, and filing claims online using their electronic devices.
In addition to the recent funding round, mTek previously secured a $3 million investment from Finclusion Group in 2022 to support its expansion into new African markets, the development of digital products, and the expansion of its user base. With these investments, mTek plans to integrate artificial intelligence (AI) and machine learning into its processes to optimize customer experience and drive efficiency throughout the insurance value chain.
CEO Bente Krogmann is focused on positioning mTek as the leading platform as a service for the insurance ecosystem in Africa. By enhancing collaborations with industry stakeholders such as underwriters, regulatory bodies, banks, intermediaries, and enterprises, mTek aims to solidify its market position and achieve sustainable growth. The strategic partnerships with various stakeholders will drive innovation, increase insurance accessibility, and create value for end-users and the overall insurance ecosystem.
Despite the challenges of low insurance adoption in Africa, mTek is committed to driving change through its innovative solutions. Ory Okolloh, Partner at Verod-Kepple Africa Ventures, expressed confidence in mTek’s ability to bridge the industry’s penetration gaps and make insurance more accessible to a broader audience.
In the months ahead, mTek will continue to focus on enhancing its digital offerings, expanding its market reach, and strengthening its partnerships with key industry players. By leveraging technology and strategic collaborations, mTek is poised to make a significant impact on the insurance landscape in Africa and drive positive change in the industry.
Overall, mTek’s recent funding success and strategic vision position the company for growth and success in the Kenyan and East African insurance markets. Through its commitment to innovation, technology, and collaboration, mTek is paving the way for a more efficient and accessible insurance industry in Africa.
